An an Indan Citizen, What if you win 1 Billion Lottery grand jackpot

website tax for winning lottery Tax Rate: Winning from lottery is taxable at a special rate of 30% No deduction is allowed Also no benefit of slab rate can be taken taxes on $2 million dollars lottery winnings Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%

tax for winning lottery The tax applicable on the winnings from a game show, lottery, tv show, crossword puzzle, etc must be deducted at the time when the winning  Win $500,000 or more for a single person or $600,000 for a couple and the tax rate jumps to, gulp, 37 percent Still, this is lower than the previous rate of  What do the tax laws say about lottery income? When a person receives an income from lotteries, game shows or even wins money from a sports

Share

Share

Link

Turn off sharing Copy link

See all details